Document

Prices RealisedMay 22-25, 2005

David Feldmanworld leading stamp auctioneers

www.davidfeldman.com

Astounding prices, intense bidding andbusy auction rooms were the hallmarks

of the latest auction held by DavidFeldman SA,

MAY 22-25 in Geneva, Switzerland,which featured the participation

of dozens of real-time bidders on the Internet.

At times, over 50 web bidders were connected live, and they

sometimes took over the bidding fromthose physically present in

the auction room. Several sections doubled or trebled the

pre-sale estimates overall, and individuallots throughout the sale often soared to

astonishing levels.

...............................................................

Next auction

November, 2005

Presently inpreparation

Greece ‘The Collection’ Part VIGrand Prix Egypt

Classic SwitzerlandPersia

Important ScandinaviaAustralian States

All World & Collections

David Feldman SA � 175, route de Chancy � P.O. Box 81 � 1213 Onex, Geneva � SwitzerlandTel: +41 (0)22 727 07 77 � Fax: +41 (0)22 727 07 78 � [email protected] � www.davidfeldman.com

Do you know ?

- David Feldman has auctioned more Grand Prix and Large Gold Medal Collections than any company in the history of philately ?

- David Feldman has achieved more World Records than any company in the history of philately ?

- David Feldman holds all the important Highest Prices for the greatest items in philately ?

60012 Est. 200’000 Result 308’100

Cape of Good HopeThe Unique Dale-Lichtenstein Unused Block

David Feldman - Official Exhibition Auctioneer

Special Auction in Washington D.C. Wednesday, May 31, 2006.Distinguished items are eagerly sought

for this auction and the Autumn 2005 Rarities Sale.

If you have a suitable item, please contact us as soon as possibleas these auctions are always limited to a small number of lots.

Special conditions can be considered.

David Feldman SAPHILATELISTS � AUCTIONEERS

175, route de Chancy � P.O.Box 81 � 1213 Onex, Geneva � Switzerland � Tel. +41 (0)22 727 07 77 � Fax +41 (0)22 727 07 78 � [email protected]

Rarities of the World

May 2005 David Feldman Auctions:Strong Market for Top Items in

all areas of Philately and Greater Success with Live

Internet Bidding (with live audio)Balmy Spring weather and the prospect of happy huntingamong more than 4,000 auction lots brought many dozensof collectors and dealers to Geneva, Switzerland for thelatest series of semi-annual auctions conducted by DavidFeldman, SA. They were joined electronically by severalhundred others who connected to the sales and bid in realtime from the comfort of their homes or offices world-widevia the internet, using the improved spontaneous systemdeveloped by Core Technologies, Inc.(which included forthe first time live audio from the auction room).

Presented in five deluxe colour-illustrated auction catalogues, the auction series included the company’stwice-yearly selection of Rarities of the World. Amongthe lots on offer was a Great Britain First Day cover ofthe famous “Penny Black,” in this case on a small neatenvelope and with all postmarks sharp, which sold for more than CHF (Swiss Francs) 106’000 against anestimate of CHF 60’000 (final prices given herein includethe buyer’s commission); other lots included some ofthe most important items of early Cape of Good Hope,such as the unique unused block of four of the 1861“Woodblock” One Penny, estimated for CHF 200,000 and realising nearly CHF 310’000. The Great Britain1865 9d “Abnormal,” the only stamp ever sold by KingGeorge V from the Royal Collection (to aid the wareffort), was estimated at CHF 20’000 and brought almost CHF 70’000 after much competition.

The famous Hassan Shaida collection of Great BritainIllustrated Envelopes charmed many who normally stickto very different countries or issues. Presented in aseparate catalogue that some delighted spectatorslikened to an art book, the auction brought togethercollectors and dealers from across the Atlantic as wellas from closer climes; the stellar item, a wonderful 1905envelope addressed to Prince Edward of Wales andfeaturing a regimental scene of soldiers in Scottishdress, by artist Hugh Rose, fetched CHF 7’700 against an estimate of CHF 5’000 – 8’000, indicative of the pricelevels that prevailed throughout the session.

The fifth portion of an immense collection of the LargeHermes Heads of Greece, offered simultaneously inGeneva as well as in a second auction room in Athens,

continued the pattern of strong and at times passion-ate bidding for “benchmark” items. A die proof withoutdenominations, inscriptions or “greek key” borders,estimated at CHF 7’000, was knocked down for overCHF 13’000, while the famous “Alfieris” mint block of the 1st Athens 40 Lepta value sold over the estimate for CHF 130’000 and the 1871-2 40 Lepta“Solferino” colour variety tied to piece realised more than CHF 106’000.

A thick (and heavy) catalogue of about 2500 “all world” lots including collections and estatesseemed to have “something for everyone” and broughtspirited bidding in the room and over the internet formany sections. For example, several dozen lots ofReunion postal history sold for far more than theirestimates, in some cases 10 times, as collectors wereable to bid on very rare markings not offered in several decades. Almost every portion of the auctionhad outstanding price levels, whether it was GreatBritain postal history, early Thailand, classic France,specialized Bosnia and Serbia or rare Zeppelin covers.And of course the 500 large lots, offered as a separatesection, brought intense competition, with many soaring to large premiums over the estimates.

David Feldman SA holds two series of auctions each year,in the Spring and the Autumn, and next year will be anOfficial Auctioneer at the international exhibition inWashington, D.C. Marcus Orsi, managing director of thecompany, urges those who would like to participate inthe next series of auctions to contact the company or itsworld-wide representatives as soon as possible, as timelypromotion and publicity benefit the seller as well as thecompany. Mr. Orsi notes that several important propertiesare already in hand for November, so consignments of individual items, collections, exhibits and rarities willbe in good company. He adds that the firm is already at work on the next catalogues, so please make contactas soon as possible!

Please contact: David Feldman SA, P.O. Box 81, 1213Onex, Geneva, Switzerland. Telephone: +41 (22) 727 0777; Fax +41 (22) 727 0778;e-mail [email protected]

May 2005

Press Release - David Feldman May 2005 Auctions - Geneva, Switzerland

Greece10000 1100010001 420010002 420010003 440

10004 6010005 36010006 8010007 500

10008 460010009 42010010 36010011 24010012 7510013 24010014 48010015 55010016 60010017 50010018 800010020 70010021 12010023 30000

10024 1500010025 30010027 11010028 800010029 22010030 1700

10031 70010032 38010033 50010035 1300

10036 140010037 95010038 2800010039 140010040 55010041 180010042 110010043 60010044 130010045 38010046 15010047 75010048 85010049 30000

10050 95010052 85010053 80010054 800010055 5500010056 750010057 900010058 8010059 55010060 16010061 360010062 110010063 48010064 110010066 280010067 110010069 950010070 32010071 220010072 400010073 11000010074 280010075 150010076 190010077 150010078 19010079 60010080 1500010081 14010082 170010083 2600010085 170010086 19010087 7510089 11010090 120010091 70010092 70010093 650010094 50010096 140010097 75010098 95010100 55010101 200010102 15010103 48010104 11010105 34010106 1200010107 1000010108 70010109 36010110 44010111 360010112 150010113 50010114 300

10115 130010116 50010117 44010118 12010119 70010121 11010122 1600010123 400

10124 32010125 30010126 7510127 70010128 260010129 11010131 100010132 28010133 38010135 240010136 200010137 100010138 60010140 75010141 50010142 600

10143 22010144 650010145 750010146 14010147 1500010148 360010149 11010150 4800

10152 360010153 9000010154 280010155 30010156 36010157 10010158 15010160 18010161 120010163 24010164 26010165 850010166 22010167 400010168 26010169 700

10170 1000010171 120010172 34010173 170010174 2000010175 100010176 19010178 7000

10179 1300010180 2000010181 650010182 38010183 26010184 240010185 150010186 48010187 1500010188 380010190 240010191 500010192 48010193 11010194 550010195 600010196 100010197 60010198 420010199 650010200 18010201 85010203 110010205 50010206 38010207 22010208 140010210 70010212 110010213 12010214 6000

PRICES REALISED (CHF)David Feldman SA Geneva, May, 2005

Lot Result Lot Result Lot Result Lot Result Lot Result Lot Result

4 Prices do not include buyers’ premium and chargesLots not included in this list were either withdrawn or did not bring a bid

Prices may include lots bought back under reserve

10018 Est. 4’000 Result 9’480

10000 Est. 7’000 Result 13’035

10038 Est. 7’000 Result 33’180

10073 Est. 100’000 Result 130’350

10215 550010216 200010217 38010218 40010219 240010220 900

10221 360010222 800010223 120010224 42010226 440010227 110010228 110010229 130010230 600010231 190010232 500010233 320010234 32010235 220010236 70010237 950

Maritime20000 42020001 55020002 70020003 40020004 42020005 260

20006 20020007 28020009 20020010 34020011 32020012 200

20013 14020014 26020015 12020016 12020017 34020019 20020020 220020023 80020024 55020026 34020027 75020029 20020030 50020031 36020032 260020034 20020035 55020036 120020037 240020038 28020039 28020040 17020041 19020042 950

20043 10020044 46020046 20020047 15020048 10020050 4200

20051 800020052 480020053 600020055 260020056 550020058 650020059 500020060 1600020062 700020063 36020064 60020065 90020067 80020068 50020069 75020070 60020071 1000

20072 34020073 50020074 50020075 85020077 34020079 34020080 110020081 240020082 150020083 130020087 80020088 75020089 400

20090 50020091 65020094 80020095 160020096 80020097 90020098 100020099 85020103 90020104 260020106 220020108 130020110 500020112 1100

20113 95020119 20020120 26020122 42020123 26020124 42020125 15020126 15020128 200020129 240020131 65020132 44000

20133 340020134 220020135 200020136 190020137 170020139 240020140 220020142 300020143 30020144 260020145 220020147 380020148 320020150 220020151 340020152 3800

20153 10020154 60020155 40020156 15020158 190020159 60020161 110020162 420020163 85020164 300020165 220020166 480020167 220020168 160020169 90020170 30020172 220020173 34020174 440020175 30020177 42020178 40020179 36020181 32020183 55020184 1200020185 180020186 180020189 3200



5Prices do not include buyers’ premium and chargesLots not included in this list were either withdrawn or did not bring a bidPrices may include lots bought back under reserve

10232 Est. 2’400 Result 5’925

20201 Est. 10’000 Result 39’105

10093 Est. 3’000 Result 7’702

10153 Est. 100’000 Result 106’650

10194 Est. 800 Result 6’517

20190 34020191 140020192 200020193 150020194 170020195 130020196 400020197 150020198 46020199 240020200 55020201 3300020202 2200020203 1400020204 150020205 320020206 420020207 200

20208 170020209 34020211 120020213 220020214 90020215 32020216 40020217 25020219 3200020222 800020222A 320020223 4800020224 750020225 150020226 400020227 300020228 300020229 550020230 900020231 130020232 150020233 40020234 1800

20235 220020237 75020238 1300020239 420020240 70020241 170020243 500020244 260020246 110020247 110020248 65020249 50020250 58020251 45020252 420020253 120020254 220020255 2800

20256 80020257 40020258 28020259 650020260 650020261 340020262 160020263 140020265 320020266 550020267 500020268 220020270 120020271 180020274 420020275 220020276 150020277 180020278 100020278A 260020280 160020281 95020282 1600

20284 160020285 170020286 360020287 100020288 95020289 360020290 190020291 95020292 50020293 650020294 600020295 130020296 480020297 130020298 80020299 170020300 380020301 650

20302 90020304 150020305 24020306 280020308 300020310 240020311 34020313 1700

20314 150020316 180020318 130020319 60020320 80020321 50020322 75020323 42020324 22020325 26020326 80020327 180020330 24020331 40020332 28020335 26020336 40020337 100020339 65020340 70020341 30020342 50020345 34020346 55020349 40020350 80020351 900

20353 260020355 160020356 240020358 80020360 80020361 120020362 15020364 130020365 90020367 65020368 280020369 190020370 220020375 34020376 85020382 24020384 22020386 22020387 22020389 18020390 65020391 13020392 10020393 24020394 15020395 22020397 240

20398 40020399 38020401 26020402 22020404 22020405 22020408 22020412 38020414 24020415 28020416 70020418 14020419 19020420 16020421 180020422 16020425 40020429 30020430 180020431 60020432 20020436 34020438 28020439 12020444 22020447 10020448 30020449 30020450 32020451 10020452 28020453 8020456 12020460 7020461 30020462 34020463 34020467 30020468 52020472 110020473 48020474 460





20202 Est. 8’000 Result 26’070

20223 Est. 15’000 Result 56’880

20219 Est. 30’000 Result 37’920

20475 95020476 30020480 40020481 120020482 36020483 24020485 65020487 850

20488 32020494 30020495 30020502 40020504 40020505 30020510 22020513 32020514 45020517 34020520 550

20528 34020529 42020530 55020533 32020534 32020535 300

20536 42020537 75020538 28020541 60020542 260020546 32020547 18020548 300

20549 75020553 190020554 600020556 750020561 200020562 50

Mexico20563 32020564 100020565 700

20566 60020567 32020568 380020569 65020571 46020572 420

20573 65020574 65020576 55020578 90020579 140020582 32020583 90020584 420

20586 34020587 80020588 340020589 100020590 55020591 75020592 65020593 36020594 50020595 38020596 180

20597 15020598 130020600 34020603 22020604 22020605 260

20606 38020608 24020609 110020610 42020611 160020613 26020614 30020615 85020616 70020617 65020618 36020619 28020620 32020621 300020622 60020623 32020624 50020625 75020626 42020627 32020628 34020629 20020630 65020631 36020633 160020634 17020635 15020636 65020637 22020638 38020639 48020640 28020641 46020642 460020643 16020644 150020645 75020647 65020648 24020649 75020650 32020651 460020652 65020653 60020654 55020655 60020656 75020658 300020659 150020660 260020661 34020662 55020664 65020665 30020666 70020668 32020669 55020670 650

20671 85020673 20020674 420020675 65020676 75020678 80020679 340020680 38020681 22020682 80020683 300020684 700020685 700020686 240020687 130020688 70020689 34020690 24020691 30020692 90020694 70020695 70020696 280

20697 50020698 22020699 420020701 65020703 55020706 100020707 130020708 36020709 30020711 50020712 260020713 38020714 55020715 50020716 600

20717 440020718 90020719 18020720 80020721 55020722 50020723 40020725 180020726 50020727 70020728 20020729 44020731 700020732 70020733 26020734 10020735 20020736 20020737 16020738 80020739 34020740 32020741 10000

20743 38020744 90020745 50020746 360020747 38020748 28020749 50020751 26020752 24020753 28020755 65020756 65020757 85020758 130020759 400




20588 Est. 1’000 Result 4’029

20296 Est. 700 Result 5’688

20294 Est. 1’000 Result 7’110

20760 11020761 42020762 130020763 80020765 50020766 240

20767 32020768 55020769 11020770 30020771 24020772 38020773 40020774 50020775 70020776 42020778 60020780 60020781 60020782 18020784 60020786 55020787 320020788 200020789 1400

20790 65020791 480020794 100020795 180020797 160020798 600

20799 190020800 190020801 180020802 190020803 650020804 220020805 75020806 60020808 48020809 40020810 400020813 55020814 22020815 50020817 50020818 44020820 950020823 600020824 2200

20825 46020826 44020827 650020828 300020829 55020830 32020831 85020832 95020833 40020834 24020835 30020836 40020837 34020838 40020839 160020840 110020841 55020842 65020844 65020845 32020846 24020847 90020850 44020851 70020855 18020856 20020858 300020859 17020860 600020861 22020862 32020863 28020864 260020866 24020867 44020869 190020870 100020872 50020873 70020874 85020875 75020876 380

20878 30020879 30020880 700020882 140020883 60020884 460020886 24020888 300020889 340020890 190020891 100020892 70020893 75020894 150020895 44020897 80020898 75020899 48020900 120020901 38020902 28020903 110020904 32020905 190020906 260020907 75020908 90020909 48020911 130020912 550020914 260020915 85020916 42020919 260020920 80020921 30020922 110020924 44020926 130020927 34020929 40020932 85020933 46020934 44020936 48020937 18020938 120020939 220020940 80020941 95020942 65020945 140020947 46020948 320020949 380020950 260020951 260020952 1700

20953 44020954 150020955 70020956 65020957 16020958 16020959 110020960 16020961 260020962 120020963 100020964 120020965 32020967 100020969 60020972 170020973 90020974 130020975 75020976 260020978 50020979 95020980 75020981 90020983 48020984 34020987 42020988 15020989 40020990 85020993 42020994 100020997 28020998 800021001 230021003 200021006 95021007 190021009 180021010 320021011 80021012 75021013 160021014 46021015 65021019 10021020 34021027 420

All World30000 240030001 380030002 200030003 70030004 42030005 42030006 70030007 260

30008 65030009 42030010 42030011 30030012 190030013 36030014 70030015 190030016 260030017 70030018 38030019 55030020 28030021 30030022 50030023 80030024 90030025 80030026 240030027 60030028 32030029 85030030 48030031 36030032 12030033 120030034 100030035 40030037 3030038 60030039 46030040 46030042 95030043 65030044 30030045 28030046 160030047 4030048 4030049 6030050 34030051 95030052 70030053 130030054 55030055 18030056 14030057 38030058 100030059 280030060 160030061 50030062 55030063 32030064 46030065 30030066 10030068 550





20685 Est. 5’500 Result 8’295

20889 Est. 3’000 Result 4’029

30070 4030071 10030072 5030073 32030074 13030075 50030076 3030077 480030078 30030079 32030080 50030081 48030082 10030083 22030084 36030085 150030088 28030089 40030090 50030091 16030092 15030093 46030095 7030096 35030098 70030099 26030100 90030101 55030104 28030105 50030109 30030111 120030113 90030114 180030116 20030117 500

30118 160030120 160030121 130030122 160030123 20030124 50030125 260030126 150030127 95030130 95030131 60030132 55030133 19030134 280030135 420030136 90030137 48030138 32030140 38030142 34030143 190030144 260030145 170030146 250030149 70030150 38030152 260030153 160030155 200030156 90030158 280030160 260030161 100030163 110030165 120030170 1000

30174 220030175 40030180 80030181 1200030182 420030183 300030184 160030185 380030187 85030188 100030189 75030191 400030192 110030194 60030195 55030197 140030198 20030200 220030201 32030203 42030205 420030206 42030207 100030209 100030210 20030211 300030212 480030213 360030214 170030215 95030219 1100030220 130030221 150030222 260030223 550030224 550030225 170030226 90030227 420030228 220030229 85030230 42030231 48030232 32030233 70030234 550030235 130030236 100030237 130030238 140030239 22030241 80030243 520030244 38030245 110030246 100030247 34030248 200

30251 480030252 130030253 13030254 20030255 440030256 10030258 50030259 65030262 32030263 240030264 85030268 50030271 480030279 80030282 44030286 32030287 260

30288 20030290 22030291 32030292 8030293 150030294 240030295 42030296 55030298 32030299 22030300 55030302 700030304 24030305 65030306 28030307 60030308 28030309 200030310 160030311 280030312 38030313 20030314 65030316 120030319 48030320 55030321 460

30322 70030323 34030324 220030327 70030328 30030329 36030330 34030331 36030332 34030334 38030335 60030337 55030338 48030340 95030341 60030342 70030343 600

30344 32030350 60030351 40030352 140030354 220030355 90030358 85030359 1000030361 130030362 130030363 240030364 280030365 240030366 28030367 18030368 22030369 65030370 32030371 75030372 46030373 100030374 50030375 50030376 280030378 260030379 30030380 750

30381 13030382 16030383 22030384 32030385 30030386 28030387 28030389 50030391 170030398 32030399 32030400 30030401 28030402 48030403 19030404 32030405 950

30406 36030407 15030408 28030409 700030413 48030414 55030416 85030417 60030421 190030422 300030423 200030425 55030426 44030427 40030428 48030429 180030430 120030431 120030432 55030433 10030434 150030435 95030436 120030437 28030438 20030439 40030440 1600




30000 Est. 1’000 Result 2’844

30077 Est. 2’000 Result 5’688

30441 90030442 44030443 44030445 60030446 260030447 280030448 280030449 260030450 200030451 500030452 90030453 280030454 240030455 800030456 220030457 180030458 550030459 160030460 200030461 160030462 120030463 100030464 180030465 120030466 180030467 320030468 400030469 100030470 30030471 75030472 190030473 65030474 220030475 240030476 28030477 240030478 16030479 55030480 40030481 30030483 500

30484 200030485 60030486 200030487 50030488 36030489 110030490 1700030491 42030492 130030493 150030494 160030495 22030499 90030500 70030501 140030504 160030505 34030506 36030507 36030510 46030512 30030513 24030515 95030516 600030517 70030518 400030519 25030520 150030521 800030522 75030523 900030524 320030525 500030526 1300030527 300030528 85030529 260030530 700030531 100030532 650030533 950

30534 75030535 440030536 260030537 420030538 600030539 110030540 150030541 160030542 170030543 180030544 120030545 4000

30546 110030547 180030547A 340030548 65030549 150030550 130030551 1200030552 130030553 110030554 110030555 60030556 1000

30558 30030560 80030561 16030562 220030564 160030566 750030568 42030569 14030570 36030572 850030573 200030574 110030575 50030576 300030577 35030578 220030579 100030580 80030581 130030582 90030583 120030585 55030586 260030587 190030588 65030590 32030593 60030594 100030595 70030596 32030596A 2200030597 80030598 46030599 36030600 110030601 26030603 30030605 30030607 90030609 34030610 30030611 40030612 34030613 140030615 32030616 32030617 40030618 50030619 50030620 42030621 22030622 30030623 20030624 32030625 34030626 38030634 85030639 800

30642 60030643 140030644 24030650 36030651 130030653 50030656 220030658 320030660 120030661 280030662 280030666 650030667 280030669 130030671 46030678 75030686 16030688 20030689 22030690 30030691 50030692 140030693 32030694 3400030695 200030696 220030697 220030698 40030699 13030700 28030701 60030702 70030703 50030704 30030705 220030706 60030707 480030708 22030709 420030710 2000030711 480030712 190030713 85030714 80030715 240030718 85030719 50030720 20030721 500030722 360030724 220030725 44030726 170030727 32030728 240030729 260030730 190030731 1200





30135 Est.3’000 Result 4’977

30446 Est. 500 Result 3’081

30490 Est. 16’000 Result 20’145

30732 300030733 950030734 260030735 200030736 30030737 150030738 550030739 110030740 240030741 400030743 46030744 11030745 15030746 85030747 65030748 130030749 380030751 160030752 160030754 420030755 280030756 160030757 240030758 22030759 300030760 1000030761 55030762 44030763 19030764 20030765 120030766 32030767 50030768 120030769 30030770 48030771 170030772 42030773 20030779 44030780 200

30781 85030782 50030783 17030784 60030785 440030786 95030787 36030788 160030789 60030791 48030792 500030793 30030794 120030795 460030795A 2000030796 48030797 20030798 65030799 44030800 70030801 85030802 55030803 46030804 60030805 50030806 14030807 340030808 20030809 80030810 42030811 42030812 220030813 32030814 28030815 32030816 30030817 28030818 55030819 46030820 55030821 850

30822 200030823 50030824 700030825 48030826 100030827 110030828 44030829 120030830 160030831 20030832 44030833 40030834 60030835 26030836 60030837 95030838 650030839 32030840 12030841 1700

30842 420030843 300030844 220030845 80030846 280030847 20030848 70030849 140030850 400030851 50030854 110030855 120030856 120030857 65030858 75030860 80030861 320030862 320030863 220030864 900

30865 11030868 42030869 55030871 200030872 28030873 50030874 16030876 19030881 50030882 600030884 24030885 170030886 550030887 190030888 2200030889 120030890 44030894 85030895 110030896 900

30897 80030898 70030900 140030902 32030903 130030904 150030905 80030906 55030907 46030910 130030912 42030913 60030914 32030915 14030916 40030917 700030918 20030921 60030922 110030923 550

30924 60030925 70030927 50030928 20030929 260030931 26030932 90030933 60030934 280030935 95030936 60030937 420030938 40030940 38030941 38030942 90030943 50030944 110030946 80030947 340

30948 44030949 48030950 48030951 40030952 160030953 32030954 30030955 30030956 16030957 160030958 44030959 36030960 65030961 38030962 28030963 21030964 190030965 320030966 24030967 1300

30968 22030969 95030970 24030971 32030972 48030973 75030974 85030975 32030976 95030977 24030978 30030979 100030980 28030981 28030982 70030983 28030984 28030985 24030986 9030987 32030988 24030989 140030990 10030991 70030993 190030994 22030995 180030996 20030997 120030998 70030999 65031000 260031001 17031002 260031003 300031004 26031005 320031006 650031007 44031008 220031009 12031010 34031011 60031012 36031013 26031014 40031015 200031016 48031017 8031018 65031019 110031020 110031021 38031022 42031024 40031025 30031026 280031027 1500




30545 Est. 900 Result 4’740

30596A Est. 20’000 Result 26’070

31029 65031030 55031031 110031032 48031033 220031034 16031035 44031036 260031037 10031038 34031039 22031041 26031042 160031043 75031044 750031045 75031046 40031047 36031048 42031049 22031050 32031051 15031052 220031057 16031058 65031060 85031063 17031065 40031066 1500

31067 140031068 110031069 90031070 42031071 180031072 160031073 260031074 120031076 95031077 240031078 140031079 26031081 100031082 110031083 32031084 110031086 80031087 110031088 55031089 200031090 160031092 220031093 320031098 130031099 160031100 80031101 15031102 150031103 320

31104 14031105 600031106 750031107 65031108 30031109 700031111 36031113 22031116 15031117 130031118 130031119 130031120 55031121 42031122 42031123 40031124 46031125 38031128 32031130 40031133 550031134 220031135 140031136 200031139 90031141 30031142 28031143 260031144 1200

31145 100031146 40031154 10031156 240031158 36031159 12031160 75031161 50031162 50031163 50031164 20031165 50031166 220031167 80031168 40031169 60031172 150031177 300031178 90031180 500031181 360031182 75031183 48031184 110031189 55031190 320031192 44031194 75031195 130031196 180031197 140031198 110031199 1700

31200 100031201 160031202 190031203 190031204 65031205 50031206 80031207 20031208 22031209 50031210 80031212 20031213 280031214 1700

31215 170031216 90031217 190031218 120031219 90031220 120031221 95031222 70031224 20031225 50031226 34031229 55031231 90031232 24031233 1200031234 150031235 85031236 160

31237 32031238 150031239 70031240 32031241 150031242 55031244 300031246 150031247 95031248 44031251 30031252 85031253 32031254 4400

31256 26031257 160031258 48031259 95031260 70031261 26031262 44031263 28031264 320031265 80031267 480031268 85031269 44031270 130031271 220031272 100031273 80031274 120031275 60031276 85031277 85031278 42031279 160031280 60031281 34031282 40031283 28031285 46031286 30031287 30031288 20031289 28031290 65031291 40031292 46031293 120031294 90031295 70031296 65031297 150031298 32031299 24031300 120031301 200





30694 Est. 40’000 Result 40’290

30888 Est. 20’000 Result 26’070

30917 Est. 3’000 Result 8’295

31003 Est. 900 Result 3’555

31302 90031303 32031305 15031306 320

31307 20031308 20031309 15031310 26031311 38031314 30031315 120031316 80031318 50031319 80031320 40031321 100031322 140031323 26031324 110031325 75031326 26031327 150031329 40031330 38031331 55031332 500

31333 25031335 130031336 32031337 280

31339 200031340 120031342 500031343 120031344 500031345 260031346 80031347 65031348 85031349 28031350 150031351 140031352 140031353 44031354 1500031355 2200031356 3000031357 220031358 170031359 220031360 32031361 650

31364 75031365 170031366 190031367 550

31368 50031369 130031370 42031371 130031372 90031376 22031377 80031378 30031380 220031381 150031382 22031383 95031384 22031386 38031387 24031388 60031391 48031392 170031393 20031394 200031395 42031396 380

31398 30031399 32031400 20031401 480031402 38031405 50031406 240031407 95031408 30031409 100031410 170031411 70031412 55031413 48031414 170031415 40031416 40031417 180031418 36031419 110031420 50031421 25031422 30031423 200031424 220031425 80031426 60031429 36031430 22031431 220031432 650031433 95031434 17031435 34031436 65031437 38031438 30031439 18031440 1100

31441 15031442 95031443 95031444 550

31445 160031446 160031448 55031449 200031450 300031451 44031452 95031453 55031454 240031455 200031456 70031457 200031458 300031459 65031460 80031461 80031462 65031463 60031464 60031465 30031467 130031469 70031472 200031473 90031475 1800031476 50031477 65031478 40031479 42031480 85031482 26031483 20031484 80031485 70031487 60031488 40031490 120031491 110031493 300

31495 70031498 130031499 900031501 1300

31502 44031504 32031505 190031506 200031507 200031508 320031509 65031510 30031511 110031512 44031513 36031514 85031516 34031517 65031518 42031519 30031520 22031521 80031522 20031523 16031524 80031525 95031526 70031527 95031528 60031529 40031530 22031531 240031532 24031533 42031535 30031536 30031537 35031538 120031540 15031541 20031542 44031545 55031546 100

31547 170031548 600031549 15031550 5500




31244 Est. 1’000 Result 3’555

31356 Est. 5000 Result 35’550

31579 Est. 8’000 Result 15’405

31551 120031552 30031553 70031554 75031555 80031557 95031561 20031570 80031576 60031577 120031579 1300031580 140031581 140031582 480031583 40031584 34031585 46031586 28031587 60031589 44031593 46031594 120031596 20031599 300031600 42031603 550031604 22031605 95031606 70031607 32031608 30031609 32031610 28031612 55031613 85031615 110031620 150031621 800031622 100031623 1200

31624 180031625 22031629 120031630 32031632 700031633 55031635 170031636 30031637 95031638 800031639 160031640 60031642 55031644 40031645 70031649 26031650 44031651 1300031652 400031654 55031655 280031656 130031661 48031662 34031663 32031664 22031665 1700031666 900031667 380031668 42031669 40031670 30031672 24031673 420031676 44031677 90031678 120031679 130031680 85031682 440

31685 150031686 280031688 440031689 440031690 42031691 85031692 100031693 150031695 360031697 80031698 50031699 55031700 130031701 95031702 85031703 380031704 240031706 55031707 150031709 500031710 50031711 34031712 28031713 48031714 1100031715 1100031716 26031717 85031718 90031719 38031720 40031721 55031722 140031724 38031725 75031726 110031727 180031728 2600031729 550031731 850

31732 34031733 46031734 110031735 65031736 60031737 340031738 80031739 38031740 70031741 26031742 180031743 30031744 10031745 60031746 50031747 65031748 42031749 1300031750 1300031752 26031753 140031754 32031755 50031756 60031757 100031758 100031759 60031760 100031761 70031762 16031763 26031764 46031766 42031767 28031768 22031769 70031771 20031772 32031773 60031774 50031775 220031776 48031777 90031778 75031779 100031781 150031782 190031784 180031785 20031786 150031787 220031788 220031789 550031790 460031791 120031792 200031793 42031794 340

31795 30031796 65031797 80031798 28031799 28031800 300031803 420031804 11031805 14031807 20031808 10031809 42031810 70031812 19031814 20031815 25031816 22031817 48031818 1000031819 900031820 170031821 220031822 320031823 320031824 160031825 24031826 16031827 15031828 65031829 16031830 240031831 20031832 36031833 25031835 15031836 22031840 55031841 34031843 80031844 16031845 30031846 26031848 70031850 38031851 500031852 28031853 36031854 70031855 55031856 100031857 26031858 120031859 24031860 600031861 22031863 40031864 32031865 550

31866 80031867 110031868 160031869 240031871 140031872 150031873 320031874 44031875 300031876 26031877 26031878 80031880 75031881 44031882 65031883 75031884 42031885 24031887 50031888 65031889 38031890 520031891 560031892 40031893 40031896 70031897 60031898 95031899 280031900 120031901 75031902 65031903 34031904 65031905 75031906 190031907 95031908 85031909 95031910 15031911 46031912 42031913 20031914 180031918 100031919 65031920 160031921 18031922 65031923 1100031924 180031927 140031928 75031929 180031931 360031932 150031934 160031938 2000





31355 Est. 6’000 Result 26’070

31940 400031941 22031943 75031944 36031945 40031946 40031948 85031949 38031950 42031953 50031955 46031956 170031957 70031963 75031965 200031966 60031967 65031969 20031974 38031983 40031984 28031985 32031987 340031988 150031989 32031990 1600

31991 220031992 170031993 360031994 26031995 30031996 60031997 32031998 65031999 160032000 15032001 28032002 28032003 65032004 44032005 110032006 26032007 460032008 55032009 70032010 46032011 260032012 46032013 190032014 19032015 550032016 950

32017 300032018 80032019 80032020 55032022 70032023 600032024 460032025 60032026 48032028 550032029 170032030 1600032031 170032032 280032033 22032034 110032035 100032036 12032039 38032040 800

IllustratedEnvelopes40000 650040002 550

40003 70040004 46040005 85040006 100040007 40040008 32040009 30040010 20040011 30040012 20040013 55040015 34040016 38040017 32040019 110040021 100040022 80040024 60040025 110040027 42040028 60040029 48040031 75040032 65040033 190040034 32040035 38040036 36040037 65040040 55040041 60040042 46040043 60040044 44040046 19040047 75040048 19040050 6540051 50040052 65040055 24040056 360

40057 28040058 65040059 28040060 24040061 28040063 22040064 38040065 22040066 48040067 40040071 42040072 50040073 36040075 34040076 75040077 12040078 80040079 50040080 700

40081 32040082 32040083 20040084 34040086 26040088 42040091 46040092 70040093 90040095 28040096 50040098 13040100 50040101 70040103 34040104 42040105 70040106 36040107 320




40000 Est. 5000 Result 7’700

40076 Est. 400 Result 889

40158 Est. 1000 Result 3’555

40109 150040110 34040111 30040113 100040114 46040115 40040117 50040118 55040121 75040122 50040123 70040124 60040126 65040128 44040129 60040132 50040134 80040135 140040136 50040137 20040139 75040141 200040145 30040146 75040147 110040148 95040150 30040151 32040152 50040153 28040154 600040155 12040156 10040157 110040158 300040159 40040160 110040162 150040163 280040164 120040165 220040166 130040168 22040169 42040170 26040171 22040172 24040173 160040174 34040178 170040179 60040180 65040181 130040182 40040183 30040184 150040185 190040186 6000

40187 500040188 90040191 800040192 150040195 600040197 50040198 38040199 40040201 30040202 32040203 30040209 28040210 42040211 55040214 40040215 85040216 40040217 40040219 70040220 60040225 36040228 30040229 34040232 46040234 650

Collections50000 550050001 160050002 260050003 120050004 95050005 220050006 260050007 120050008 2500050009 550

50010 360050011 340050012 65050013 320050014 55050015 32050016 280050017 380050018 320050019 500050020 1800050021 280050022 110050023 130050024 130050025 220050026 180050027 100050028 70050029 260050030 130050031 100050032 140050033 100050034 40050035 280050036 1200050037 240050038 650050039 360050040 80050041 70050042 55050043 200050044 40050045 70050046 110050047 5000

50048 10050049 11050050 34050051 28050052 500050053 80050054 100050055 200050056 340050057 340050058 13050059 28050060 55050061 850050062 800050063 20050064 24050065 110050066 15050067 95050068 1900050069 260050070 90050071 36050072 55050073 30050074 32050075 50050076 200050077 400050078 320050079 75050080 55050081 65050082 30050084 50050085 16050086 80

50087 320050088 36050089 22050090 28050091 100050092 24050093 44050094 480050095 1900050096 190050097 32050098 60050099 48050100 34050101 700050102 750050103 2200050104 1400050105 320050106 65050107 130050108 440050109 220050110 260050111 150050112 10050113 11050114 140050115 32050116 320050117 340050118 160050119 80050120 320050121 240050123 60050124 42050125 50050126 90050127 50050128 80050129 320050130 240050131 440050132 95050133 90050134 160050135 75050136 110050137 13050138 700050139 80050140 65050141 800050142 170050143 50050144 260050145 2100

50146 320050147 95050148 30050149 46050150 160050151 120050152 55050153 850050154 260050155 65050155A 600050156 38050157 34050158 95050159 240050160 75050161 3800050162 1000050163 420050164 140050165 90050166 200050167 65050168 80050169 80050172 260050173 30050174 20050175 70050176 32050177 65050178 280050179 200050180 600050181 140050182 120050183 150050184 320050185 260050186 15050187 95050188 180050189 100050190 160050191 16050192 110050193 480050194 100050195 42050197 140050198 55050199 100050200 260050201 95050202 14050203 48050204 550050205 1200





40163 Est. 1000 Result 3’320

50206 60050207 22050209 55050210 95050211 140050212 95050213 60050214 50050215 24050216 28050217 60050218 65050219 20050221 30050222 55050224 80050225 150050226 80050227 28050228 120050229 140050230 28050231 44050232 28050234 40050235 320050236 19050237 27050238 44050239 100050240 240050241 110050242 28050243 60050244 160050246 200050247 700050248 550050249 320050250 280050251 900050252 280050253 1600050254 1700050255 130050256 110050257 260050258 55050260 170050261 24050262 160050263 210050264 130050265 38050266 48050267 32050268 280050269 170

50270 55050271 460050272 400050273 1400050274 170050275 48050276 220050277 220050278 65050279 110050280 550050282 65050283 100050284 120050285 1600050286 140050287 200050288 26050289 140050290 50050291 60050294 85050295 120050296 60050298 120050299 240050300 70050301 95050302 55050303 240050304 40050305 1300050306 160050307 140050308 48050309 900050310 90050310A 110050311 190050312 100050313 400050314 38050315 120050316 70050317 170050318 90050319 65050320 85050321 100050322 700050323 300050324 60050325 80050326 600050327 40050328 120050329 85050330 550

50331 120050332 70050333 110050334 220050335 75050336 26050337 220050338 85050339 380050340 300050341 850050342 98050343 42050344 42050345 32050346 120050347 150050348 1100050349 75050350 55050351 170050352 220050353 110050354 28050356 42050357 180050358 700050359 65050360 460050361 30050362 60050363 950050364 40050365 140050366 42050367 36050368 55050369 34050370 180050371 28050372 28050373 110050374 85050375 60050376 180050377 80050378 170050379 900050380 200050382 200050383 220050384 220050385 40050386 130050387 22050388 70050389 65050390 1800

50391 260050392 140050393 180050394 190050395 10050395A 150050400 19050401 1000050402 240050403 60050404 120050405 18050406 28050407 80050408 38050409 42050410 110050411 320050412 36050413 100050414 65050415 38050416 85050418 36050419 100050420 60050421 340050422 280050423 42050424 130050425 110050426 120050427 110050429 150050430 850050431 150050434 70050435 55050436 190050437 50050438 24050439 2000050440 80050444 50050448 800





Rarities60000 4400060001 15500060002 1800060003 4600060006 950060007 1000060008 440060009 500060010 13000060011 12000060012 26000060013 3000060014 1000060016 3200060017 1700

60018 1300060019 3600060020 1200060021 1300060022 4000

60023 3000060025 340060026 2600060027 200060028 1400060029 28000

60030 1200060031 2200060032 1000060033 4200060034 300060035 15000

60036 360060038 1500060039 4000060040 750060041 2200060042 90000

60043 1300060044 800060045 5900060046 3800060047 2200060048 1600060049 1400060050 1000060051 2600060052 1500060054 400060056 2000060058 1900060060 950060061 600060062 16000060064 2200060065 2000060066 480060067 1800060068 1500060069 900060071 32000





ERRORS ANDOMISSIONSEXCEPTED.

* = NOT EXACTLY AS DESCRIBED

60010 Est.100’000 Result 154’050

60039 Est.30’000 Result 47’400

60011 Est.100’000 Result 142’200

60046 Est. 20’000 Result 45’030




PLEASE CONSIGNNOW FOR OUR

NOVEMBER SALE2005

20

Now accepting: � Top Class & Award Winning Collections � Major Rarities & Specialised Postal History � All World & General Collections

1. Name ...........................................................................................................................................................................................................................................................................................................

Address .....................................................................................................................................................................................................................................................................................................

.................................................................................................................................................................................................................................................................................................................................

Post Code ........................................................................................ Country ..................................................................................................................................................................

Tel ................................................................................................................................................... Fax .................................................................................................................................................

Email .............................................................................................................................................................................................................................................................................................................

2. Item(s) or Collection(s) which you may consider to sell :

Description ...........................................................................................................................................................................................................................................................................................

.................................................................................................................................................................................................................................................................................................................................

.................................................................................................................................................................................................................................................................................................................................

.................................................................................................................................................................................. Approx. value ..............................................................................................

3. Cash advance required ? If yes, please state amount ? ...............................................................................................................................................................

4. Preferred dates to visit you ? .........................................................................................................................................................................................................................................

5. Any other comments : ..........................................................................................................................................................................................................................................................

.................................................................................................................................................................................................................................................................................................................................

Do you have any item(s) or collection(s) that you may consider selling ? If yes, please indicate & return to address below:

David Feldman SA175, Rte de Chancy � P.O. Box 81 � 1213 Onex, Geneva � Switzerland Tel. +41 (0)22 727 07 77 � Fax +41 (0)22 727 07 78 � [email protected]

worldleadingstampauctioneers

21

David Feldman - Official Exhibition Auctioneer

Special Auction in Washington D.C. Wednesday, May 31, 2006.Distinguished items are eagerly sought

for this auction and the Autumn 2005 Rarities Sale.

If you have a suitable item, please contact us as soon as possibleas these auctions are always limited to a small number of lots.

Special conditions can be considered.

David Feldman SAPHILATELISTS � AUCTIONEERS

175, route de Chancy � P.O.Box 81 � 1213 Onex, Geneva � Switzerland � Tel. +41 (0)22 727 07 77 � Fax +41 (0)22 727 07 78 � [email protected]

Rarities of the World

22

David Feldmanworld leading stamp auctioneers

nneexxtt aauuccttiioonn sseerriieessFeldman Galleries, Geneva

November, 2005

Please consign

as soon as possible to ensure

optimalpresentation and results.

........................................

............................

David Feldman S.A.

175, route de Chancy,

P.O. Box 81,1213 Onex, Geneva,

Switzerland.Tel.: +41 (0)22 727 07 77

Fax: +41 (0)22 727 07 78

Email: [email protected]

Website: www.davidfeldman.com

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David Feldman the only live multi-city auction

LONDON

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NEW YORKBRUSSELS

PARIS

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A new era in the history of auctions has arrived. David Feldman Companyhas the unique facility to hold an auction in several places “live” at the sametime. No other company in the world has yet developed or can offer suchan advantage for both buyers and sellers.

We can now auction your collection where it sells best and if this includesseveral places, we can include them all, as well as taking advantage ofSwitzerland's financial, fiscal, and import/export structure as the basecountry of the offer.

Or participate at home "LIVE" by logging onto www.davidfeldman.com andbidding direct realtime during the next auction series.

a client said

“...my collection should be sold in USA or England for the best result

but I prefer dealing with a Swiss Companylike David Feldman

as you have given me such good service over the years.

Thank you for explaining and offering that mycollection can be auctioned in New York,

London and Geneva at the same time. It will be delivered to you at the

appropriate time...”

David Feldman SA � 175, route de Chancy � P.O. Box 81 � 1213 Onex, Geneva � SwitzerlandTel: +41 (0)22 727 07 77 � Fax: +41 (0)22 727 07 78 � [email protected] � www.davidfeldman.com

BOSTON

MOSCOW

PRICES REALISED (CHF)

60042 Est. 50’000 Result 106’650

GREAT BRITAIN PENNY BLACK FIRST DAY COVER

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